Topgolf Callaway Brands (NYSE:MODG) Trading Down 4.2% – Here’s Why

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price traded down 4.2% during mid-day trading on Thursday . The company traded as low as $9.69 and last traded at $9.70. 414,488 shares were traded during mid-day trading, a decline of 83% from the average session volume of 2,503,181 shares. The stock had previously closed at $10.13.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on MODG shares. Truist Financial dropped their price objective on shares of Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. KeyCorp cut shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 8th. Morgan Stanley dropped their price objective on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Thursday, August 8th. The Goldman Sachs Group dropped their price objective on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Finally, Roth Mkm reissued a “buy” rating and set a $17.00 price objective on shares of Topgolf Callaway Brands in a research note on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $15.31.

Topgolf Callaway Brands Stock Performance

The company has a market cap of $1.80 billion, a price-to-earnings ratio of 26.49, a price-to-earnings-growth ratio of 6.42 and a beta of 1.75. The stock’s fifty day simple moving average is $10.46 and its two-hundred day simple moving average is $13.49. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. Topgolf Callaway Brands had a net margin of 0.50% and a return on equity of 2.07%. Topgolf Callaway Brands’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter last year, the business earned $0.39 EPS. Equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.18 EPS for the current year.

Hedge Funds Weigh In On Topgolf Callaway Brands

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp lifted its holdings in shares of Topgolf Callaway Brands by 327.6% during the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock valued at $39,000 after acquiring an additional 1,936 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of Topgolf Callaway Brands during the 3rd quarter valued at $133,000. Dnca Finance acquired a new position in shares of Topgolf Callaway Brands during the 2nd quarter valued at $134,000. Koss Olinger Consulting LLC acquired a new position in shares of Topgolf Callaway Brands during the 2nd quarter valued at $160,000. Finally, Simon Quick Advisors LLC acquired a new position in shares of Topgolf Callaway Brands during the 2nd quarter valued at $161,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

About Topgolf Callaway Brands

Topgolf Callaway Brands Corp. designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories in the United States, Europe, Asia, and Internationally. The Topgolf segment operates Topgolf venues equipped with technology-enabled hitting bays, bars, dining areas, and event spaces, as well as Toptracer ball-flight tracking technology; and World Golf Tour digital golf game.